This guide is written for property developers and construction companies. Rules change regularly and individual circumstances vary, so speak to a Tsquared accountant before acting. We regularly help clients with project cost tracking, vat recovery and reverse charge, off-plan sale revenue recognition.
Key points
- Separate cost centre per project
- Monthly cost-to-complete reports
- Allocate shared overheads
- Reconcile with QS valuations
Challenges you face, solutions we provide
Challenge: Project cost tracking
Our solution: Per-project cost centres with monthly cost-to-complete and margin reporting
Challenge: VAT recovery and reverse charge
Our solution: Reverse-charge VAT applied to every subcontractor invoice so penalties are avoided
Challenge: Off-plan sale revenue recognition
Our solution: IFRS 15 revenue recognition reviewed contract by contract and aligned with tax
Challenge: Bank and investor reporting
Our solution: Lender and investor reporting packs prepared accurately, every quarter
Challenge: Contractor payments and withholding
Our solution: Subcontractor vetting, retention accounting and Social Insurance compliance handled
Frequently asked questions
- Project-based accounting: what's the short answer?
- Developers should track every Cyprus project as its own cost centre, recording land, construction, finance and sales costs separately so margins and bank covenants are always visible.
- Can Tsquared help with project-based accounting?
- Yes. We advise property developers and construction companies in Cyprus on project-based accounting and handle the filings for you.